JUST IN: Reps Pass 2022 Budget Of N17.126trn, Pegs Oil Benchmark At $62


The House of Representatives passes the 2022 budget of N17.126 trillion as against the N16.391 trillion presented by President Muhammadu Buhari and extended the lifespan of the 2021 Appropriation Act by 90 days.

This followed a unanimous adoption of a report laid on the floor of the House during plenary by its Chairman, Appropriation Committee, Murktar Betera.

The House also increased the oil benchmark to $62 as against the $52 proposed by the executive, while the exchange rate was retained at N410.15.

It equally approved the virement of N276, 757, 232, 395 to fund critical infrastructure in the 2021 budget.  Gross Domestic Product (GDP) growth rate was put at 4.2 per cent, while inflation was left at 13 per cent.

It said the increase in oil price was to reflect the current market values of crude oil per barrel in the international market.

It  stated that provision was made for more funds for critical sectors for purposes of execution of their core mandates.

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The House said additional revenue increases would be allocated to agencies that came forward with additional financial report which was not provided for in the budget. Among them were the Ministry of Works and Housing, Independent National Electoral Commission (INEC) for the conduct of the 2023 general elections, Defence, National Population Commission for the 2022 population census, Agriculture and Rural Development, National Security Adviser and National Assembly.

Speaker Femi Gbajabiamila said the passage of the 2022 budget was in keeping with the new tradition of operating an annual national budget from January to December.

He lauded the chairmen of committees of the House and all the members who worked hard to ensure that the budget was passed on time to maintain the record it had set.

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